The news came yesterday that for only the seventh month since 1947, October 2008 marked a one-percent decline in the Consumer Price Index (CPI), suddenly raising the specter of things far worse than a mere recession, but a deflation and depression.
Today, America owes over $10 trillion in debt, mostly to foreign countries. Experts also predict this year will be the largest federal budget deficit in our nation’s history.
Now that the U.S. government has moved to take ownership positions in nine major banks, among the next critical steps needed to ease the economic crisis’ recessionary impact on average Americans is to swap household debt relief for commitments to community service and national infrastructure and alternative energy development.
Had Sen. Barack Obama really unloaded on Sen. John McCain in the second presidential debate, as he could have, the outcome of the election would be assured.
“We’re trying to come to grips with the end of a 20-year secular credit expansion that went parabolic in the last six years,” the chief North American economist for Merrill Lynch said on national TV yesterday.
The past week’s 20-point drop in the market price of oil is primarily attributable to forceful declarations by key Democrats in Congress, including Sen. Jim Webb of Virginia, that they’ll investigate the role of dubious speculation in driving the price to its recent peak of $147 a barrel.
A new financial player has emerged on the international finance scene. Known as Sovereign Wealth Funds (SWFs), these state-controlled investment vehicles, fueled largely by record oil profits, are having a big impact on the U.S. economy and beyond. To help our nation respond to these new actors in international finance, […]
Will the next president be the second coming of Jimmy Carter? Given Thursday’s economic headlines, full of dire warnings about the return of 1970s-style stagflation, you might think so.
The odds are now better than even that the U.S. economy is sliding or has already slid into a recession. The housing market downturn and sub prime mortgage crisis are the catalysts for a major economic downswing that looks to last well into 2009. The latest retail reports indicate a […]
The following is Congressman Moran’s statement for the record on fiscally responsible efforts to the repeal the Alternative Minimum Tax.